Fair enough. I figured it was worth a shot, so before the deep freeze in January, I packed in snow from a recent storm up against the concrete foundation. I think it has helped somewhat. Especially from the howling winds and air infiltration that can come rushing in from the north and west. In comparing the basement's comfort during the recent deep freeze to the artic blast right we had right before Christmas (on the solstice in fact), I think our basement was equally as comfortable. In other words, it was not any colder with much colder outside temps.
Three weeks later, I'm happy to report that the snow is still packed in up against the wall. Although with a warm-up coming soon, it looks like I'll have to have the snow shovel at the ready.